Bloomberg Tata Trusts, a philanthropic organisation associated with India’s salt-to-software Tata group, faces a tax liability of about 120 billion rupees ($1.7 billion) after authorities cancelled exemptions to six of its entities, the Business Standard newspaper reported. A trust whose registration is cancelled is required to pay tax on its past exempted income, the newspaper said, citing an official it ...

Bloomberg China Forestry Holdings Co’s liquidators are suing KPMG LLP for more than HK$1.3 billion ($166 million), citing the auditor’s negligence when assisting in the company’s listing in Hong Kong. KPMG failed to detect during the pre-IPO audit that then-executives of China Forestry falsified the company’s plantation assets and revenue, according to information contained in a judgment related to the ...

Bloomberg South Korea’s corporate watchdog is looking into unfair inter-subsidiary transactions of mid-sized enterprises, reported Yonhap News. “We’re seriously monitoring undue intra-group dealings at mid-sized companies with assets worth or under five trillion won ($4.3 billion),” the Fair Trade Commission Chairwoman Joh Sung-wook was quoted as saying in an interview. “We can’t identify them now, but there are a couple ...

Bloomberg India is committed to further improving its people-friendly tax regime, Prime Minister Narendra Modi said, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth. The government has cut corporate tax rates and introduced a nationwide goods-and-services charge to integrate the nation’s economy, Modi said in a speech at Aditya Bira Group’s golden jubilee celebrations in ...

DUBAI / WAM Dubai Chamber of Commerce and Industry signed a Memorandum of Understanding (MoU) with First Abu Dhabi Bank (FAB), which will align the efforts of the two entities to digitise, facilitate and simplify trade processes in the UAE. The MoU was signed by Hamad Buamim, President & CEO of Dubai Chamber and Andre Sayegh, Deputy Group CEO & ...

Dubai / Emirates Business Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded an increase in revenue by 6 per cent during the first nine months (January to September) of 2019 to AED3.412 billion, compared to the revenue of AED 3.232 billion during the same period in 2018. Net profit for the period ending September 30 ...

Abu Dhabi / WAM Aldar Properties will launch “Manassah” – a new entrepreneurship competition designed to support UAE’s most ambitious retail and F&B entrepreneurs. Manassah will support entrants on developing innovative businesses across three categories – retail, cafe, and restaurant that will benefit from securing a dedicated space within selected Aldar developments, rent-free for a year, provision of fit-out, and ...

Emirates Business Organised by the Dubai Future Foundation (MIT) Technology Review and Haykal Media, the second edition of EmTech Mena kicks off on November 4-5 at Jumeirah Emirates Tower, showcasing emerging technology with the greatest potential to impact lives, inspire the future and drive the new global economy. Held under the patronage of HH Sheikh Hamdan bin Mohammed bin Rashid Al ...

Dubai / Emirates Business Dubai Land Department (DLD) announced the 16th edition of International Property Show (IPS) in partnership Real Estate Investment Management and Promotion Centre to promote the emirate’s property market. The partnership is a qualitative leap that will bring DLD’s strategic initiatives and projects in the real estate sector. IPS, the Middle East’s biggest property sales platform, that ...

ABU DHABI / WAM The 18th session of the General Conference of the UN Industrial Development Organisation (Unido), began on Sunday at the Emirates Palace Hotel in Abu Dhabi. More than 800 ministers, officials and representatives of 170 member countries of the organisation are in attendance at the event which will continue until November 7 to shape the future of ...